FinMin signals it may be willing to revisit tax scheme under Universal Healthcare Act: The Finance Ministry is “willing” to revisit the legislative framework that sets out the taxes the government will collect to fund the universal healthcare scheme under the Universal Healthcare Act, Minister Mohamed Maait said at a Thursday meeting with several accounting firms and other representatives of the business community, according to local press reports.

Business wants a tax on profits, not revenues: The Universal Healthcare Act sets a 0.25% tax on sales revenues for every company operating in Egypt to fund the planned EGP 600 bn healthcare system. Some in the business community want to change the definition of taxable revenue, while others want to see the levy be on the bottom line, not the top line. And most in the community want the levy to be counted against companies’ pre-tax net income, arguing that to do otherwise would constitute double taxation.

Change would be an elaborate process: Maait noted that any change to the tax structure would require approval from President Abdel Fattah El Sisi before any changes move through cabinet and, ultimately, the House of Representatives for a vote. Our backgrounder on the taxes is here.